Shire Remains Undervalued; Added to Best Ideas List
We’ve added Shire to our Best Ideas list and are maintaining our fair value estimate at GBX 5,500 ($218 per ADR). Shares have recently traded at more than a 30% discount to our valuation. We view Shire’s diversified rare-disease portfolio and neuroscience franchise as warranting a narrow moat rating, and while the pipeline is thinner than that of most large-cap biotechs, we think the portfolio is quite defensible. We think the market has an overly bearish view on Shire's hemophilia portfolio, an...Shire is a holding company. Through its subsidiaries, Co. operates as a biotechnology company focused on serving people with rare diseases and other conditions. Co.'s portfolio covers seven therapeutic areas: Immunology, Hematology, Neuroscience, Internal Medicine (IM), Genetic Diseases, Oncology, and Ophthalmics. Some of Co.'s marketed products include GAMMAGARD, HYQVIA and CINRYZE for Immunology, ADVATE/ADYNOVATE, VONVENDI and FEIBA for Hematology, VYVANSE and ADDERALL XR for Neuroscience, LIALDA/MEZAVANT and PENTASA for IM, ELAPRASE and REPLAGAL for Genetic Diseases, ONCASPAR and ONYVIDE for Oncology and XIIDRA for Ophthalmics.
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